Cryptocurrency analyst Benjamin Cowen said that given Bitcoin’s current situation, it is unlikely that Ethereum will hit new highs next year.
“If Bitcoin is really in a bear market, which is what it really feels like, it’s going to be a little bit difficult for Ethereum to get up there,” Cowen said on Tuesday’s Bankless podcast.
This comes after veteran trader Peter Brandt predicted on December 19 that Bitcoin could fall to $60,000 by the third quarter of 2026.
However, Cowen said that if Ether (ETH) is able to regain its all-time high of $4,878, which it last hit in August, there could be a “bull trap” where the price spikes and then plummets to $2,000.
Ether will rise 40% if it returns to all-time highs
Ethereum briefly regained its 2021 all-time high of $4,878 on August 22, but then entered a downward trend, dropping to $2,767 in November.
At the time of publication, Ether is trading at $2,898, according to CoinMarketCap. A return to all-time highs would represent a 40.59% rise from current levels.
Benjamin Cowen appeared on the Bankless podcast on December 23rd. source: bankless
However, Cowen stressed that while this scenario is not impossible for Ether, it probably won’t trigger a domino effect across the broader crypto market next year.
“The only altcoin I’m considering this is Ethereum. I think a lot of other altcoins are cooked to some degree at this point in this cycle,” he said, adding that it’s unlikely to hit new highs this cycle, if not yet.
Fundstrat Global Advisors reportedly warned investors on December 17 of the possibility of a “significant drawdown” that could see Ether fall from $1,800 to $2,000 in 2026.
Meanwhile, cryptocurrency analyst Crypto with James said on December 16 that Ether is “not done yet” and said there is still potential for it to rise again toward all-time highs in the short term.
